Stellar (XLM) Closes Last Hour Down $0.00; in a Downtrend Over Past 30 Days, 2 Day Down Streak Snapped, Pin Bar Pattern Appearing on Chart

The Hourly View for XLM

Last Updated October 4, 2020, 01:037 GMT

Currently, XLM’s price is down $0 (-0.59%) from the hour prior. This is a reversal of the price action on the previous hour, in which price moved up. If you’re a trend trader, consider that the strongest clear trend on the hourly chart exists on the 100 hour timeframe. Most noteworthy in the world of moving averages on the hourly chart is that the 50 hour moving average has been crossed, with price now being below it. The moving averages on the hourly timeframe suggest a choppiness in price, as the 20, 50, 100 and 200 are all in a mixed alignment — meaning the trend across timeframes is inconsistent, indicating a potential opportunity for rangebound traders.

Stellar Daily Price Recap

Stellar entered today at $0.07108, up 0.11% ($0.0001) from the day prior. This move happened on lower volume, as yesterday’s volume was down 69.33% from the day before — and down 29.12% from the same day the week before. Relative to other instruments in the Top Cryptos asset class, Stellar ranked 3rd since the day prior in terms of percentage price change. Below is a daily price chart of Stellar.

XLM

Stellar Technical Analysis

The first thing we should note is that Stellar is now close to its 20 day averages, located at 0.07 respectively, and thus may be at a key juncture along those timeframes. Trend traders will want to observe that the strongest trend appears on the 30 day horizon; over that time period, price has been moving down. Price action traders in particular will want to note that the 14 day period appears to show price forming a base; this could indicate that a support/resistance level is developing. For another vantage point, consider that Stellar’s price has gone down 8 of the previous 14 trading days. And for candlestick traders, a special treat: there is a pin bar pattern showing up on the charts as well. Rejoice!